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Note 8 - Leases

6 Months Ended

Jun. 30, 2019

NOTE 8. LEASES

We have operating and finance leases primarily for three casino hotel properties, corporate offices, parking ramps, gaming and other equipment. Our leases have remaining lease terms of 1 year to 59 years, some of which include options to extend the leases for up to 67 years, and some of which include options to terminate the leases within one year. Certain of our lease agreements, including the Master Lease, include provisions for variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time. Such variable lease payments are expensed in the period in which the obligation for these payments is incurred. Variable lease expense recognized in the three and six months ended June 30, 2019 was not material.

The components of lease expense were as follows:

	Three Months Ended			Six Months Ended
*(In thousands)*	June 30, 2019			June 30, 2019
Operating lease cost	$	42,407		$	72,042
Short-term lease cost		(111	)		225

Supplemental cash flow information related to leases was as follows:

	Three Months Ended		Six Months Ended
*(In thousands)*	June 30, 2019		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41,970	$	71,690

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		4,781		8,491

Supplemental balance sheet information related to leases was as follows:

(In thousands, except lease term and discount rate)	June 30, 2019
Operating Leases
Operating lease right-of-use assets	$	916,613

Current lease liabilities (included in accrued liabilities)	$	66,077
Operating lease liabilities		850,536
Total operating lease liabilities	$	916,613

Weighted Average Remaining Lease Term
Operating leases (in years)		19.1

Weighted Average Discount Rate
Operating leases		9.2	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases
For the period ending December 31,
Last two quarters of 2019	$	68,903
2020		140,002
2021		127,591
2022		113,919
2023		111,970
Thereafter		1,377,613
Total lease payments		1,939,998
Less imputed interest		(1,023,385	)
Less current portion (included in accrued liabilities)		(66,077	)
Long-term portion of operating lease liabilities	$	850,536